Cryptocurrencies and its political nature.

[traderethereum]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

I want to add one more thing to your reason that why bitcoin is political in nature, because it has volatile price which changes with time and the scenarios thats what make it a bit political.

and because of volatility, bitcoin can be used as the future investment, i think people will trying to learn more about bitcoin. i think political people in the government will search any way to can control bitcoin but unfortunately they can not control bitcoin because bitcoin is freedom for every one. and when people use bitcoin, it means they can manage their wealth without anyone know and they can spend for everything they want and for many purpose including for political.

[Murloc]

It depends.
I accept the argument that bitcoin can not be controlled by a government, but I do not agree that all the kind of cryptocurrencies will never be controlled by a government.
A government can decide to make it's own cryptocurrency , and they are going to be the only miners which makes them to have a control over the currency.

Our country is also looking in this direction where they can create their own coin and which will be controlled and governed by them. So that they can easily keep a track of it and might ban all other cypto currencies. Thus through this they will can use the blockchain technology and also keep a tab on things.

So whats gona be the advantage of such coin?
At one side people will have banks that are centralized but have already good working and more reliable tools while on the other side you gona have unknown crypto thats also gona be centralized but 95% of people don't know how to use is and general mechanisms are not that good as they could be.

[Kadal Ijo]

The presence of bitcoin generates a lot of speculation, from economic to political issues, I'm sure many countries are studying bitcoin so if deemed necessary they immediately legalize bitcoin.

[lordquanta]

people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

"Governed by code alone, making the contract digital sancrosanct."

That is a decent way of putting it.

Context is where economics discussions become complicated. Many have a tendency to define terms like centralization, regulation, capitalism/socialism and crypto in absolute context. To say that capitalism is always better than socialism is an oversimplification. There are strengths and weaknesses, advantages and disadvantages in everything.

You are quite right on that. Capitalism as postulated by Karl Marx  classified the society into two, the bourgeois and proletariat. The formal being the individuals with access to factors of production like capital, land, enterprising or entrepreneur(ing) skills etc and are able to employ the labour of the proletariats. He assumed that these two different classes are perpetual , that is, one can not move into another class either by descending or moving from proletariat to bourgeois. However, the current politics of crptos and bitcoin has been able to prove that a no body as (proletariat ) can overnight become overtly rich.

It is true that in crypto Nobody Becoming overnight rich. However that didn't stop people from launching new coins every now and then to become one. "Bitcoin is political because it cannot be controlled" is bit far fetched. Majority of government bureaucrat have no idea about crypto and those who have some are finding it difficult to wrap up their head around it. Thus there is suspicion around crypto. However in that suspicion also they find a way to tax the bitcon. For me it looks more of oxymoron.
What satoshi has achieved was so great in the sense of economic break through, that people, banks, financial institutes, economists were trying for decades to build up a system which will work as ledger. This ledger would be most secure and trust will be maintained under any situation. There were attempts to build this kind of system with trust-oriented nodes in different countries however their failure were apparent when it came to maintaining security under criticial situation like some of nodes were malfunctioning or hacked. 
Bitcoin ledger has managed to put that missing link and build a decentralized system.

[kiloiko]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

That is why the governments can't do anything about the cryptocurrencies but to try to regulate it and when they can't regulate it then they will just ban the cryptocurrencies and stick to their system like fiat. Governments always wants to control things and make profit out of it and that is the reason why they created fiat money.

I agree. It is quite impossible for the government to be in control when it comes to bitcoin because they won't be able to trace transactions easily. And also, they won't make profit out of it. Which is why fiat money is used and cryptocurrencies won't be able to replace real cash.

I don’t agree with you because I think that If any government wants to intervene in it then it will not be impossible for them to get control of it  as they will find all the transaction very easily and it will be impossible that the USA and Japan will never legalize bit coin in their country.

[LuffyD.Monkey]

The presence of bitcoin generates a lot of speculation, from economic to political issues, I'm sure many countries are studying bitcoin so if deemed necessary they immediately legalize bitcoin.

Bitcoin is having a very crucial importance and there are so many people who are studying about bitcoin in order to understand this concept in a better way. As far as political nature of bitcoin, I think there is no one who knows exactly the role of bitcoin in such kind of scenarios. I only know one thing and that bitcoin is going to surprise all of us in the coming days. We just need to hope for the best.

[rodalutor]

The presence of bitcoin generates a lot of speculation, from economic to political issues, I'm sure many countries are studying bitcoin so if deemed necessary they immediately legalize bitcoin.

I don't believe there are many countries that are in a position to legalise bitcoin because for most places it is not illegal. Whenever anything draws as much attention and money as the crypto market then inevitably governments and other big political players will get involved to try and shape it in a way that benefits them.

[aardvark15]

It depends.
I accept the argument that bitcoin can not be controlled by a government, but I do not agree that all the kind of cryptocurrencies will never be controlled by a government.
A government can decide to make it's own cryptocurrency , and they are going to be the only miners which makes them to have a control over the currency.

Our country is also looking in this direction where they can create their own coin and which will be controlled and governed by them. So that they can easily keep a track of it and might ban all other cypto currencies. Thus through this they will can use the blockchain technology and also keep a tab on things.

So whats gona be the advantage of such coin?
At one side people will have banks that are centralized but have already good working and more reliable tools while on the other side you gona have unknown crypto thats also gona be centralized but 95% of people don't know how to use is and general mechanisms are not that good as they could be.

I think it’s going to be hard for governments to eliminate physical money because not everyone has access to computers and smartphones. There will probably be some combination of physical and digital for a while.

In fact, we already do that in a way if you consider credit cards, PayPal, and automatic bank drafts which are transactions completed without physical money changing hands. Even checks eliminate the need for using physical cash.

[buwaytress]

So whats gona be the advantage of such coin?
At one side people will have banks that are centralized but have already good working and more reliable tools while on the other side you gona have unknown crypto thats also gona be centralized but 95% of people don't know how to use is and general mechanisms are not that good as they could be.

The main advantage doesn't change and that is being in absolute control of your coins. Untrue that crypto will be centralised. True 95% don't know how to use it (more like 99.9 actually) but you forget that adoption and decelopment of mainstream tools has an early steep climb. Think banking was accessible and useable in its early stages? Roughly a third of the world is still unbanked!

Bitcoin in that way isn't just about economics, to change the way we view money as something we control is very political!

[kateryana81]

The presence of bitcoin generates a lot of speculation, from economic to political issues, I'm sure many countries are studying bitcoin so if deemed necessary they immediately legalize bitcoin.

You are absolutely right about this. You know, every government want to make its country economically stable. And in the future, believe me there will be one measuring tool and that will be bitcoin. So now, all the interested governments are studying bitcoin so keenly that they want to make bitcoin legal in their country. They want to be standing in the first of economical row in future.

[Bitcotalk]

I agree that a lot of people choose cryptocurrencies over fiat money because of its convenience in terms of transactions. And it is correct that it is out of the control of government which is why it is extremely popular. However, I have read at some other topics here that South Korea is about to implement bitcoin taxation probably because of the following reasons:

1. It is widely used in their country. (Given that it is legal and recognized by the government)
2. To improve security.
3. To trace cash flows (This is to trace if illegal transactions are made)

This news might be the start of downfall of government's incapability of controlling bitcoin because it is being initiated now. What do you think?

I don’t see anything that makes cryptocurency is better than fiat money in terms fastness in transaction; fiat is more faster, cause Bitcoin will have to go through some confirmation processes which will take about 10 to 15 minutes on high priority, and more than hours on low priority due to miners not accepting low fees. Another thing you should –government can control Bitcoin if they choose to, and they can even destroy it, ask me how or make some research.

[Barbarian]

It depends.
I accept the argument that bitcoin can not be controlled by a government, but I do not agree that all the kind of cryptocurrencies will never be controlled by a government.
A government can decide to make it's own cryptocurrency , and they are going to be the only miners which makes them to have a control over the currency.

That is something they are going to try but since they are never going to impose the strong fundamentals of bitcoin then those cryptocurrencies are going to be as useless than the fiat they keep printing, besides even if at some point they decided to apply the same fundamentals we know that they are going to changed them eventually.

[usorin]

The political nature you can find it thru the projects sustained thru bitcoin. there are all kind of digital currency for a various amount of purposes, like organising events and thru this perspective digital currency encounter policy. I wonder what kind of political party would use bitcoin in the election campaign.

[pitiflin]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual.

Bitcoin is not political in those means ,it is political in literal political nature that is unwanted lies being used to cover up and powerful people dominating the markets sometimes. For example,take Jamie Dimon asshole for how he used his political/top-class business influence and made people to some how panic sell their bitcoin so that he could buy it.

Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

People don't understand shit about bitcoin's code. There exists some people who dont want to use bitcoin and even though it is governed only by its code,its actually not, its governed and controlled by people,well at least the prices are.

[BTCHakan]

There is no way to ban a completely decentralized technology. Even if they oppose it, they have to accept it someday. It will destroy everything that goes against this technology like a big hurricane.

[engrshu]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

That is why the governments can't do anything about the cryptocurrencies but to try to regulate it and when they can't regulate it then they will just ban the cryptocurrencies and stick to their system like fiat. Governments always wants to control things and make profit out of it and that is the reason why they created fiat money.

I agree. It is quite impossible for the government to be in control when it comes to bitcoin because they won't be able to trace transactions easily. And also, they won't make profit out of it. Which is why fiat money is used and cryptocurrencies won't be able to replace real cash.

I don’t agree with you because I think that If any government wants to intervene in it then it will not be impossible for them to get control of it  as they will find all the transaction very easily and it will be impossible that the USA and Japan will never legalize bit coin in their country.

Indeed, this banning of bitcoin in such countries will not be implemented forever. Maybe the government now is against it, but when the next leader stood up and realized the functionality and the fact that there's a high possibility that btc will be our future currency, then they have no choice but to embrace this awesome digital currency.

[bravehearth0319]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

Its happened because of its decentralization features it has, no wonder why the government in the entire world had no power to control it. And that's is the beauty of crypto currency and Bitcoin.

[shield132]

The  nature of cryptocurrencies is very political because no single government that can control them. Unlike all other forms of wealth that can be expropriated from the individual. Also people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

Its happened because of its decentralization features it has, no wonder why the government in the entire world had no power to control it. And that's is the beauty of crypto currency and Bitcoin.

Just curious, how can you say that goverment has no control and can't to have while china's one word affects price immediately with huge percent change. So don't think that everything is like in dreams, no man. But beauty of crypto and especially of bitcoin is that you can have offline wallet in just flash drive, send it as much as you want without limitations and feel secure at the same time because no one can block your money.

[Hexah]

The  nature of cryptocurrencies is very political because no single government that can control them.

That's the good nature why do I love bitcoin. But my perspective right now about this crypto, I think it would be best also that it has government intervention because if government support this one we can ensure that operations would still continuing and goes on. And if there is government that let us say regulates it and provide some laws regarding to it then it would be appropriate because if you just let it alone many would intervened and we do not know also if those who intervene are good for this crypto.

And as far as I can see many nations that bitcoin is highly legal have government intervention and we see that they have good things running out of this crypto and I think other nations would do the same way too.

[Barbarian]

people are coming to understand  that cryptocurrencies is a better form of money because they are governed by code alone, which  makes the contract digital sacrosanct

"Governed by code alone, making the contract digital sancrosanct."

That is a decent way of putting it.

Context is where economics discussions become complicated. Many have a tendency to define terms like centralization, regulation, capitalism/socialism and crypto in absolute context. To say that capitalism is always better than socialism is an oversimplification. There are strengths and weaknesses, advantages and disadvantages in everything.

You are quite right on that. Capitalism as postulated by Karl Marx  classified the society into two, the bourgeois and proletariat. The formal being the individuals with access to factors of production like capital, land, enterprising or entrepreneur(ing) skills etc and are able to employ the labour of the proletariats. He assumed that these two different classes are perpetual , that is, one can not move into another class either by descending or moving from proletariat to bourgeois. However, the current politics of crptos and bitcoin has been able to prove that a no body as (proletariat ) can overnight become overtly rich.

It is true that in crypto Nobody Becoming overnight rich. However that didn't stop people from launching new coins every now and then to become one. "Bitcoin is political because it cannot be controlled" is bit far fetched. Majority of government bureaucrat have no idea about crypto and those who have some are finding it difficult to wrap up their head around it. Thus there is suspicion around crypto. However in that suspicion also they find a way to tax the bitcon. For me it looks more of oxymoron.
What satoshi has achieved was so great in the sense of economic break through, that people, banks, financial institutes, economists were trying for decades to build up a system which will work as ledger. This ledger would be most secure and trust will be maintained under any situation. There were attempts to build this kind of system with trust-oriented nodes in different countries however their failure were apparent when it came to maintaining security under criticial situation like some of nodes were malfunctioning or hacked. 
Bitcoin ledger has managed to put that missing link and build a decentralized system.

But the majority of the government are unimportant people that are just like any other person on the street the leaders of the governments are the ones that count and they are realizing slowly that bitcoin is not a joke it is not something they can simply ignore and it is going to go away on its own.